The total value of all final goods and services produced in the economy during a given year, measured in current market prices, is
a. gross national product
b. gross domestic product
c. net national income
d. economic growth
e. aggregate demand
B
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The long-run Phillips curve is the relationship between
A) unemployment and the price level at full employment. B) unemployment and the inflation rate at the expected price level. C) inflation and unemployment when the economy is at full employment. D) inflation and real GDP at full employment. E) inflation and the expected inflation rate.
When a tariff supporter argues that foreign producers are selling their products for prices below the costs of production, which of the following is being used?
A) Save domestic jobs argument B) National security argument C) Dumping argument D) Infant-industry argument E) Diversity and stability argument
If the Federal Reserve chooses to fight high unemployment with expansionary monetary policy and firms and consumers expect this policy to increase inflation, which of the following would you expect to see?
A) an upward shift of the short-run Phillips curve B) a downward shift of the short-run Phillips curve C) a decrease in the long-run aggregate supply curve D) Both B and C are correct answers.
Education in the United States is
A) subsidized mainly by state and local governments. B) funded by the federal government only. C) paid for by the parents of students in public school system. D) paid for by Social Security taxes.